THE ISSA brothers are reportedly planning another attempt to take control of coffee chain Caffè Nero.

The Blackburn-based billionaire EG Group owners are attempting to do so by approaching Caffè Nero's lenders and offering to buy part of the company's £350 million debts from them.

This comes after EG Group's most recent trading report found that the company remained resilient throughout the last quarter of 2020 despite the economic impact of the coronavirus pandemic.

Mohsin Issa CBE said: “I am incredibly proud of EG’s strong performance in 2020, which is testament to the incredible dedication of our colleagues around the world, and demonstrates the resilience and diversification of our best-in-class business model.

"Despite the continued, unprecedented challenges of the Covid-19 pandemic, we have continued to provide an essential service to millions of customers in our global communities, while also delivering continued growth in our profitability."

The company reported a rise in earnings of 48 per cent despite revenues for the year being £20.687 billion, down 7.6 per cent on the previous year’s £22.386 billion.

The group has said that its revenue is heavily impacted by wholesale fuel prices, which are outside the company's control, while net debt dropped from £9.069 billion to £8.974 billion in the same period.

This resilient performance will boost the brothers' efforts to expand their business holdings further with their interest in Caffè Nero, which has 800 staff and employs 6,000 staff across the UK, first having emerged last December.

The move was planned alongside the Issa brothers' partner TDR Capital, which also worked with them on their recent takeover of Asda.

Despite the financial difficulties Caffè Nero has recently faced, founder and main shareholder Gerry Ford has rebuffed their advances, opting instead for insolvency.

However, the Issas have since hired law firm CMS and property agents CWM to rally Caffè Nero's landlords to challenge this plan and instead assist with their takeover.

The offer to buy part of the company's debts could help the Issas to leverage control over the chain.

A source close to the brothers has said that they and TDR would be a "natural partner" for Caffè Nero, however the coffee chain has continued to resist takeover moves.